The APPG, supported by its legal team at Hausfeld & Co LLP, is advancing judicial review proceedings against the Financial Conduct Authority (FCA) in relation to the FCA’s response to the Swift Review into the interest rate hedging product compensation scheme (the “Scheme”). 

As recorded in its board minutes dated 26 May 2022 (which can be found here), the FCA has resolved to determine any open or new complaints relating to the Scheme in accordance with the Swift Review, and to pro-actively revisit any complaint of SMEs that are/were deemed to be sophisticated, in light of the decision of the court in the judicial review proceedings.  The FCA has said that whilst it will not expect to pay compensation, it will review each complaint with an open mind.

To all those who may have been negatively affected by the Scheme, we highlight that the FCA considers the 12-month time period for making new complaints to have commenced on 14 December 2021. This means that any complaint must be made on or before 13 December 2022, in order for the FCA to consider it in accordance with their newly stated policy.  We therefore urge those affected to make any new complaints without delay.  Whilst it is not a requirement that you take legal advice in order to make such a complaint, Hausfeld may be able to provide assistance on a no-win no-fee basis, should it be needed, and are happy to take enquiries from anyone with a potential complaint.